Electricity prices soar 30% in the middle of a heatwave
The price of electricity on the wholesale market rose by nearly 30% on Tuesday, to 96.4 euros per megawatt hour (MWh) in the midst of a heat wave with temperatures that can reach 46º in some parts of Spain.
The cap on gas, which was introduced to try to contain the price of electricity, will not be applied as the price of gas on the Iberian Gas Market (Mibgas) remains below 60.6 euros/MWh, the limit set by the government for the month of August.
By time slot, electricity will reach its highest price between 21:00 and 22:00 hours, at 127.7 euros/MWh, and the lowest between 15:00 and 17:00 hours, at 78.5 euros/MWh.
So far this month, electricity has been paid on average at 70.3 euros/MWh, compared to the 308.6 euros/MWh recorded in August 2022, the most expensive month in history, while since the beginning of this year the average price is 88 euros/MWh, less than half compared to 221.5 euros/MWh the previous year.
Electricity prices are more expensive in Spain than in neighbouring countries.
Likewise, electricity in Spain will be 64% cheaper this Tuesday than a year ago, when it reached 272 euros/MWh, although it will be above the main neighbouring countries.
In Germany, the average daily price on Tuesday will be 12.1 euros/MWh; in France, 68 euros/MWh; in the United Kingdom, 73.5 pounds/MWh (around 85 euros at the current exchange rate), and in Italy, 84.8 euros/MWh.
Translated with www.DeepL.com/Translator (free version)
